Looks like a Peace lily. Not a 100% sure on that, but for people to give you a proper diagnosis of the problem could you give a little more info?

Such as the amount of light I gets, when you water it, etc

I water it once a week, heavily enough so that the water goes through. Sometimes, it sits in water in the drain tray which you can see beneath the pot. I know that's bad, but what happens is I water it before I go home at night and then when I get in the next morning it's sitting in water. TBH I'm having trouble figuring out a happy watering medium because before I was watering it that heavily it seemed worse. Now there's new growth.

Light...I'm honestly not sure. I would say when it's sunny out, diffuse bright light. When it's cloudy out, which here in the Pacific NW is kinda frequent....diffuse shade. Ha.

In re: Peace Lily, I don't think that's what it is....I have a peace lily, and this one has one central trunk that all the stalks grow out of, whereas the peace lily has many stalks distributed in the pot. Also, these leaves are much bigger.

Hmm....possibly a bird of paradise??

I only thought peace lily as there appears to be a spathe emerging from the centre of the plant.

There are many types of peace lily's that can grow to big porportions so I did some digging and found one called spathiphyllum 'sensation'

I'd provide a link but there's no link option on Houzz during mobil

YES that looks just like it!! Thank you so much!

So how can I help it from drooping so badly?

Drooping and brown edges usually means underwatering....but that seems odd since you leave the water in the saucer.

Does the plant perk up after you water it then begin to droop? How dry does the soil get between waterings?

Yes, I think it does perk up a bit, but not that much. The soil....let me check. I have a thing covering it so little hands don't mess with it.

Here it is 6 days after watering it and the soil on top feels damp still.

So other than transplanting it--I got the turface MVP today--any tips?

No, it's better, but still really droopy. :-( Turface MVP for making Al's Gritty Mix, which I'm hoping will help as I'm guessing the potting medium it's in isn't great. Thank YOU for your help anyway!!

Drooping (wilting) is very much an indication of root rot, caused by over watering, sitting in water, and a lack of oxygen at the roots.

The only way to know whether you are over or under watering is to know what's going on in the potting medium.

OK, thanks. In that case, I can hope that my repotting will be just the ticket.

Check the root ball for any black or mushy roots. If you find lots, your overwatering. Thus I suggest you don't allow the plant to sit in the water in the saucer.

Yeah, obviously that was a bad idea, but it wasn't exactly planned....haha! If I find the black/rotted roots, do I prune them away?

I think maybe thats a banana tree??? I could be wrong bc it does resemble a Peace Lily..

How much light does this plant get? Also, Check the holes in the bottom of the pots for salt buildup from tap water.

Would you happen to like to get rid of some of these inherited unwanted plants? :P

Yeah, you can trim the blackened roots away

Way too much advice is being offered here. Make sure your Peace Lily is within several feet of a bright window, but away from direct rays of the sun.

Do NOT disturb the roots.

Watch carefully and water it just as the leaves start to wilt just a bit. It is okay for it to sit in a bit of water for a day or so. A little observation will soon tell you about how often it need water before it wilts.

~Will

haha so yet another voice pipes in? hmmm...

No such thing as too much advice sir. Thats what forums are for.. yes?